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Union Jack Oil increases stake in Keddington oilfield

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Oilfield Technology,

Union Jack Oil plc has acquired an additional 35% economic interest in the Keddington oilfield to equal to 55% following completion.

Keddington is located on the southern margin of the Humber Basin, and is currently producing approximately 28 bpd of oil. The geological and geophysical studies indicate that potentially significant resources remain unswept at Keddington, highlighting an excellent opportunity to increase production volumes multi-fold by the drilling of a relatively inexpensive development well from the existing production site. The gross remaining mean contingent resource at Keddington is 567 000 bbl of oil, of which 311 000 bbl net to Union Jack.

In addition to the unswept resources in Keddington, a near field exploration opportunity exists at Keddington South, which has a gross mean prospective resource volume of 635 000 bbl of oil, of which 349 250 bbl net to Union Jack.

As part of this acquisition, the company is also acquiring a 15% interest in PEDL339 into which the Louth Prospect, with a gross mean prospective resource of 600 000 bbl of oil, extends from PEDL005(R). Significant additional prospective resources, both for oil and gas also exist over the licence areas and includes the North Somercotes Prospect.

David Bramhill, Executive Chairman of Union Jack, commented:

“This acquisition is an inexpensive transaction and provides an immediate uplift in oil production, which will have a beneficial effect when consolidated into the production revenues generated from Fiskerton Airfield and the expected “first oil” from the Wressle development later in the year. Keddington also contains major scope for expansion which could be achieved by drilling a relatively inexpensive development well from the existing Keddington site. Union Jack’s other key projects, West Newton, Wressle and Biscathorpe, remain on track, with news expected during the remainder of Q1 and Q2 in respect of.”?

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